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> Posted by Matt Collin, Research Fellow, the Center for Global Development
The following post was originally published on the Center for Global Development blog.
In a few weeks’ time Australia’s Westpac bank will start closing down the accounts of money transfer organizations used by immigrants to send money home. Westpac is the last major Australian bank still offering services to organizations in the country’s US$25 billion remittance sector.
Two weeks ago, Merchant’s Bank of California also decided to close the accounts of all money transfer organizations (MTOs) sending money to Somalia. The source of Merchant’s decision appears to have been a cease-and-desist order issued by the Office of the Comptroller of Currency (OCC) in June, purportedly due to the bank’s failure to appropriately monitor the destination of remitted funds.
Unfortunately, we’re seeing a trend here. In 2013, Barclays’ closed the accounts of nearly 90 percent of its U.K.-based MTOs, despite being the last large bank in the country willing to do business with remitters. HSBC made the same decision the previous year, following a nearly US$2 billion penalty handed down by U.S. regulators.
> Posted by Elisabeth Rhyne, Managing Director, CFI
Amidst all the excitement about disruptive fintech innovators it helps to sort out what innovations are actually at play. Australia Wealth Investors, together with KPMG-Australia and Australia’s Financial Services Council, have created a list of the top 50 fintech innovators for 2014, based on a combination of ability to raise capital and subjective judgment about the degree of innovation or disruption the company represents.
I clicked on all 50 (so you don’t have to) to get a sense of where the action really is. Here’s my quick and dirty categorization. It may help to read this to the tune of “The 12 Days of Christmas”, starting with:
> Posted by Ariel Schwartz, Senior Editor, Co.Exist
The following post was originally published on Fast Company’s Co.Exist.
The challenge was simple, or so it seemed: Pay my bills and complete a handful of money-related errands before my work shift began at noon. It was harder than I ever could have imagined.
In reality, I wasn’t handling my own finances; I was participating in a simulation of what it’s like to be one of the underbanked—that is, to be one of the 7.7 percent of Americans with limited access to traditional banking services. The Financial Solutions Lab, a spin-off of the Center for Financial Services Innovation (CFSI), put on the simulation for a group of entrepreneurs, nonprofit employees, and banking executives so that they could come up with new product ideas for addressing the challenges of cash flow management.
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